As Great Britain fully withdraws from the European Union, one of its top priorities is to establish new free trade agreements. Free trade agreements (FTAs) are the cornerstone of international trade and provide a framework for countries to conduct business with one another with fewer barriers to entry.

FTAs open up new markets for businesses, increase competition, and ultimately lower prices for consumers. The United Kingdom is already in talks with several nations about potential trade deals, both within and outside of Europe.

One of the main benefits of FTAs is the reduction or elimination of tariffs. Tariffs are taxes levied on goods entering a country. They increase the cost of these goods, making them less attractive to consumers. Therefore, by lowering or eliminating tariffs, countries can increase the amount of trade between them.

The UK is currently negotiating a free trade agreement with the United States. The US is Britain`s largest trading partner outside of the EU with $272 billion in trade annually. An FTA with the US could have significant benefits for British businesses as it would reduce tariffs on a range of products, from cars to food, and digital services.

Aside from the US, the UK has also been exploring free trade agreements with Japan, Australia, and New Zealand. These countries are all members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and are expected to offer favorable terms for the UK to join. Japan is the UK’s second-largest non-EU trading partner, and an FTA could eliminate tariffs on a range of products such as whisky and cars.

Australia and New Zealand are both significant exporters of agricultural products and could offer the UK new markets for its goods, such as lamb and cheese.

Moreover, Great Britain is in the process of renegotiating trade deals with nations that currently trade with the EU. These “rollover” deals are intended to provide stability after Brexit and ensure that the terms of trade remain unchanged for businesses. Rollover deals have already been agreed with several countries, including Canada, Switzerland, and South Korea.

In conclusion, as Great Britain seeks to establish its place as a global economy outside of the EU, the establishment of free trade agreements will play a crucial role. The country has already begun negotiating with several nations, including the US, Japan, Australia, and New Zealand. The success of these negotiations will shape Britain`s future trade relationships and have a significant impact on its economy. As negotiations continue, their outcomes will continue to be a subject of considerable interest for businesses and consumers alike.